HELP ME!!! Maybe Purchasing First Salon!! - Page 5 - tanTALK

Din · 10-16-2009, 05:08 PM

Quote:

Originally Posted by excusemesir

So this place is grossing over 150k with 3 beds and 2 stand-ups? That's way above average. I'd be sure to verify those numbers real carefully.

Quote:

Originally Posted by kpower82

It's doable, but no way in **** is that happening right now.

I do quite a bit more than that with 4 beds & 1 standup. it's very doable. If price structure is setup right. Heck, I show on my taxes a lot more than that on the books!

glowtanning530 · 10-16-2009, 05:10 PM

Din is correct.

Din · 10-16-2009, 05:12 PM

Quote:

Originally Posted by engfant

Brian is correct. It's not even that the salon isn't making money hand over fist it's that you yourself is looking for someone to front 100% of the $$$ for some crap shoot of a business with no collateral other than a smile and a handshake.

Agreed.....if you can't fund it yourself, or at least 50% of it, or at least put up collateral to get funding. Then owning your own business is not in the cards. No bank will loan a 23 year old with no collateral and no money to buy any type of business, even if it was making $1million and you only had to pay $50,000 for it. Won't happen.

Get your parents to loan you the money. Or a co-signer. Otherwise, it ain't gonna happen. You're wasting the salon owners time.

kbsunlover · 10-16-2009, 05:45 PM

Nice. I should wait until im in my 40's to make it realistic then, or wish I had rich parents. I wonder when banks started to be discrimitory to age. Seems pretty messed up to me, but I guess thats business. Parents are willing to co-sign, this would be a family business, not just mine. But even so, it just doesn't seem realistic anymore.

glowtanning530 · 10-16-2009, 05:51 PM

I opened at 25 no rich parents, no inheritence. I'm going to be... 30 ( I can't believe I admitted that)

glowtanning530 · 10-16-2009, 05:53 PM

I wrote a business plan and fit the business to the plan.
I was realistic. I sacraficed a lot for the first couple years (like my sanity) I boughht my house when I was 19 when the market was low, refied it at 25 took off just enough to buy the salon , and my house is still worth more than what I owe on it. Now I doubt I could sell it but thats another topic entirely

Din · 10-16-2009, 05:54 PM

Quote:

Originally Posted by kbsunlover

Nice. I should wait until im in my 40's to make it realistic then, or wish I had rich parents. I wonder when banks started to be discrimitory to age. Seems pretty messed up to me, but I guess thats business. Parents are willing to co-sign, this would be a family business, not just mine. But even so, it just doesn't seem realistic anymore.

They aren't discriminatory. I got a loan to open my salon at that age.

BUT, i had credit, collateral, business background, owned my own businesses as well, i was also working as Operations Manager for a big airline and my salary alone could back the loan. Hence the reason i got the loan.

If you don't have any of that, and you just work at the salon earning an small income and you just plan on buying it, by age 23 most dont really achieve a lot to be able to afford a business on their own. So that is why you'd need a co-signer. It's reality.

Would you lend someone $70,000 if they had no collateral, worked at a tanning salon and wanted to buy the place, had no house of their own, nothing invested as a risk on their end and wanted you to fund 100% of the money and no way of paying you back unless the business succeeded? And if it failed....Oh well....I didn't think so. So just cuz they are a bank, they aren't stupid. Well they are...cuz that's how we got into this economic situation. By loaning people that can't pay it back MONEY!!!

kbsunlover · 10-16-2009, 05:54 PM

HOW?! Its weird how I can get approved for a loan to buy a house, but cant get a business loan.

glowtanning530 · 10-16-2009, 05:55 PM

well the house they can take and sell, your business not so easy.

glowtanning530 · 10-16-2009, 05:56 PM

oh and hi everyone.... I am not here often. I have a girl on suspension so you're stuck with me

10-16-2009, 05:10 PM	#42 (permalink)
glowtanning530 Join Date: Jan 20 2006 Location: folding towels, cleaning beds, ordering lotions, fixing beds, etc. etc. etc. etc. etc. Age: 43 Posts: 1,219 Rep Power: 130	Re: HELP ME!!! Maybe Purchasing First Salon!! Din is correct.

10-16-2009, 05:45 PM	#44 (permalink)
kbsunlover Join Date: Oct 12 2009 Location: Washington State Age: 38 Posts: 36 Rep Power: 0	Re: HELP ME!!! Maybe Purchasing First Salon!! Nice. I should wait until im in my 40's to make it realistic then, or wish I had rich parents. I wonder when banks started to be discrimitory to age. Seems pretty messed up to me, but I guess thats business. Parents are willing to co-sign, this would be a family business, not just mine. But even so, it just doesn't seem realistic anymore.

10-16-2009, 05:51 PM	#45 (permalink)
glowtanning530 Join Date: Jan 20 2006 Location: folding towels, cleaning beds, ordering lotions, fixing beds, etc. etc. etc. etc. etc. Age: 43 Posts: 1,219 Rep Power: 130	Re: HELP ME!!! Maybe Purchasing First Salon!! I opened at 25 no rich parents, no inheritence. I'm going to be... 30 ( I can't believe I admitted that)

10-16-2009, 05:53 PM	#46 (permalink)
glowtanning530 Join Date: Jan 20 2006 Location: folding towels, cleaning beds, ordering lotions, fixing beds, etc. etc. etc. etc. etc. Age: 43 Posts: 1,219 Rep Power: 130	Re: HELP ME!!! Maybe Purchasing First Salon!! I wrote a business plan and fit the business to the plan. I was realistic. I sacraficed a lot for the first couple years (like my sanity) I boughht my house when I was 19 when the market was low, refied it at 25 took off just enough to buy the salon , and my house is still worth more than what I owe on it. Now I doubt I could sell it but thats another topic entirely

10-16-2009, 05:54 PM	#48 (permalink)
kbsunlover Join Date: Oct 12 2009 Location: Washington State Age: 38 Posts: 36 Rep Power: 0	Re: HELP ME!!! Maybe Purchasing First Salon!! HOW?! Its weird how I can get approved for a loan to buy a house, but cant get a business loan.

10-16-2009, 05:55 PM	#49 (permalink)
glowtanning530 Join Date: Jan 20 2006 Location: folding towels, cleaning beds, ordering lotions, fixing beds, etc. etc. etc. etc. etc. Age: 43 Posts: 1,219 Rep Power: 130	Re: HELP ME!!! Maybe Purchasing First Salon!! well the house they can take and sell, your business not so easy.

10-16-2009, 05:56 PM	#50 (permalink)
glowtanning530 Join Date: Jan 20 2006 Location: folding towels, cleaning beds, ordering lotions, fixing beds, etc. etc. etc. etc. etc. Age: 43 Posts: 1,219 Rep Power: 130	Re: HELP ME!!! Maybe Purchasing First Salon!! oh and hi everyone.... I am not here often. I have a girl on suspension so you're stuck with me

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